Jiangsu GDK Biotechnology Co Ltd

Jindike issued a risk warning announcement on the evening of October 9, saying that because the World Health Organization adjusted the recommended composition of influenza vaccines, the company will no longer sell its core product, the quadrivalent influenza vaccine, in this flu season. The newly approved trivalent influenza vaccine has no products available for sale yet, so full-year revenue may fall below 100 million yuan and the company may fail to return to profitability. If the annual report triggers the financial delisting risk warning condition, the Shanghai Stock Exchange will impose a delisting risk warning on the company's shares. According to the recommended composition for the 2026-2027 Northern Hemisphere influenza vaccines published by the World Health Organization and the Chinese National Influenza Center, the B/Yamagata lineage virus has been removed, and quadrivalent influenza vaccines containing that lineage no longer meet current seasonal vaccination demand, making trivalent influenza vaccines the main products promoted in the market. Jindike's operating revenue currently comes entirely from the quadrivalent influenza vaccine. The trivalent vaccine has just been approved and still needs to obtain a biological product batch release certificate before it can be marketed, and sales are also constrained by the progress of local government procurement and bidding. As of the announcement date, no trivalent vaccine is available for sale. The company listed on the STAR Market in 2021, with operating revenue of 318 million yuan in its first year of listing. Since then, performance has continued to deteriorate, with net profit negative for three consecutive years: a loss of 70.99 million yuan in 2023, a loss of 93.5 million yuan in 2024, and a loss widening to 178 million yuan in 2025. In the first half of 2026, revenue was 910,900 yuan, down 74.15 percent year on year, and net profit attributable to the parent company was negative 51.07 million yuan, with the loss widening 28.79 percent year on year. As of the close on October 9, Jindike traded at 19.17 yuan per share, up 5.21 percent, with a total market value of 2.362 billion yuan.

Jindike released its 2026 interim report, with net profit attributable to the parent company at negative 51.07 million yuan, a loss expansion of 11.42 million yuan compared with the same period last year. The company's total operating revenue was 910,900 yuan, down 74.15 percent year-on-year. Net cash flow from operating activities was negative 35.31 million yuan, an increase of 50.18 million yuan over the same period last year, achieving two consecutive years of growth. The company's latest asset-liability ratio was 20.66 percent, gross margin was negative 279.01 percent, ROE was negative 4.87 percent, and diluted earnings per share was negative 0.41 yuan.

Jindike released its 2026 semi-annual report, showing a net loss attributable to shareholders of about 51.07 million yuan in the first half, compared with a loss of about 39.65 million yuan in the same period last year. The company achieved operating revenue of about 910,900 yuan in the first half, down 74.15 percent year on year. Jindike focuses on the research, development, production and sales of human vaccines, with main products including 10 human vaccine products targeting five infectious diseases: influenza, rabies, chickenpox, shingles and pneumonia. The company said the decline in operating revenue was mainly due to lower sales volume during the reporting period.